Bloomberg reports that Cardillo, who pleaded guilty to insider-trading charges in January 2011, provided 'extraordinary' help in cases against Gupta and former Galleon trader Zvi Goffer, Assistant U.S. Attorney Reed Brodsky told U.S. District Judge Jed Rakoff in Manhattan, who imposed the sentence Thursday.
He was the first person to inform the government about how Gupta, who was also a former director of Procter & Gamble (PG) Co., supplied inside information to Rajaratnam, the co-founder of Galleon, Brodsky said.
'He provided us with insights within Galleon which otherwise, we couldn’t get', Brodsky told the judge. 'It was Mr. Cardillo who first raised Procter & Gamble and that accelerated the government’s investigation of Mr. Gupta. His information provided enormous corroboration from the government’s point of view that Mr. Gupta was the one who’d breached his duties and tipped Mr. Rajaratnam'.
Rakoff sentenced Gupta Wednesday to two years in prison after a jury convicted him in June of three counts of securities fraud and one count of conspiracy.
Hit the link below to access the complete Bloomberg article:
image: © World Economic Forum